Boutique multi-family office
Park Sutton Advisors has launched in Manhattan to cater to Latin American and European high-net-worth clients. Jaime Carvallo, who co-founded the firm together with Steve Levitt, brings his
Deutsche Bank private banking background to the effort, where he focused on developing the high-net-worth market in South America's Andean Region.
Carvallo told PAM the firm will focus on a range of Latin and South American countries, including Columbia, Ecuador and Peru, and will also leverage European joint-venture partner Meeschaert, serving clients in France, Switzerland, the U.S. and Belgium. The firm would not comment on its assets under management, but said it hopes to be at $100 million or more by this time next year. Carvallo said the pair was motivated to launch the firm because of the lack of extensive family office services in Latin America, and added that Fitch Ratings' investment grade rating of Columbia and Peru will also open up local investment opportunities for families and wealth.
Park Sutton offers standard services, including estate planning, financial management, and education, tax planning and philanthropic services. It is focusing mainly on first
and second generation business owners, who may also reside in the U.S. but have business overseas. Carvallo will leverage his dual Peruvian and Italian citizenship with clients and his LatAm private banking background, and said he is particularly sensitive to LatAm family business owners' strong desire for privacy and security.
